Despite the media visit of the former CEO of FTX, many questions remain unanswered – Bitcoin News

Former FTX CEO Sam Bankman-Fried (SBF) has been talking a lot since the collapse of the exchange a few weeks ago, as he told the New York Times on the deal meeting, sat down with Good Morning America host George Stephanopoulos, and did something recently. Interview with New York Magazine. In doing all these interviews, SBF has revealed very little and crypto fans believe that SBF is simply being portrayed as the “boy next door” who made a bad mistake, and people are wondering why the co-founder of FTX is being treated so sensitively.

The crypto community believes SBF’s media tour is just to ‘clean up his image’, portraying him as the ‘boy next door’ who made a mistake.

While Sam Bankman-Fried (SBF) spoke with New York Times contributor Andrew Ross Sorkin, Good Morning America’s George Stephanopoulos, and New York Magazine’s Jane Wichner, the crypto community still has many unanswered questions. For example, during the Dealbook talk, SBF insisted that it “does not knowingly mix funds.” SBF has apologized to viewers asking why they decided to steal their life savings. “I am very sorry for what happened,” SBF He explained. Dealbook event.

After all the SBF interviews, the crypto community doesn’t seem happy with the former FTX executive’s answers, and people He was surprised Why is he treated like the “boy next door”? The posts on social networks are people Desperate SBF received a Applause After the Dealbook event.

“A few months ago, a Bahamian man was sentenced to 2 years in prison for stealing $6 worth of hot dogs. He tweeted.. “SBF is a criminal who has historically defrauded millions of customers out of billions of dollars. Currently on a corporate media tour, Compassion, Gratitude, [and] Applause.

So far, SBF has blamed the lucky winners for “poor account-less accounting” procedures and not knowing how to code. He “did not knowingly commingle funds,” people familiar with the matter said, adding that SBF “lent billions of dollars of client assets to finance risky bets,” according to the quantitative firm Alameda Research.

Other reports indicate that Alameda Research bought a relatively unknown over-the-counter (OTC) desk to “handle FTX banking.” Speaking to New York magazine, SBF was asked what happened to the $10 billion in client assets it appears to have lost.

“We should have had better accounting in place,” SBF responded in an interview with Jane Wichner. “We should have had better controls in place.” It also alleges that mistakes were made in accounting “when FTX does not have a bank account.” Alameda said it has a large margin position and “can’t close in a liquid way to meet its obligations.”

In the year By mid-2022, Alameda’s margin had become so large that it went from “dangerous” to simply “too large to handle during a runoff situation and seriously jeopardizes viability,” he said. Delivery of customer funds”.

SBF Alameda’s bad bets didn’t involve Terra LUNA, but they happened around the same time. As a result of poor accounting, FTX could not find a bank account, but somehow a significant debt class tricked the executive into saying that “its effective position is billions of dollars higher than it appears.”

As per the NYT Dealbook arrangement, SBF said one problem was that Alameda was not under his control and that he had not operated the company for years. Often in SBF interviews, it is forgotten that FTX, Token FTT and Alameda Research have only been around since 2019. Speaking to Wieczner SBF:

The problem was Alameda’s affordability. And Alameda is not a company I track every day. It is not an organization that I run. Not the company I ran for the last couple. [of] years.

SBF told the Dealbook event audience that his company realized things were going downhill on Nov. 6, but the former FTX CEO didn’t explain what happened to the $333 million lost in BTC between Nov. 6 and Nov. 7, 2022. SBF did not elaborate on why customers were told their properties would be fine if they did not use margin positions and why Alameda and FTX were so close, although SBF said they were separate entities.

Even today, there are many unanswered questions and people believe that the SBF media tour is taking place Used to the Clear the image. Repeated “sorry” just doesn’t seem to cut the mustard and the crypto community is still looking for serious answers from the disgraced crypto exchange frontman. However, the community does not believe they will get such answers from SBF’s current media tour.

Tags in this story

Alameda Research, Andrew Ross Sorkin, Bankruptcy, Bankruptcy Filing, Dealbook Interview, Dealbook Summit, Democratic Party, Bankruptcy Filing, FTT, FTT Token, FTX Boss, FTX Former CEO, Good Morning America, Interview SBF, Joe Bankman, New York Magazine , New York Times , November 6 , NYT Report , Republicans , Sam Bankman , Sam Bankman-Fried , SBF Interview , Sleepover , Virtual Chat

What do you think about SBF’s media tour and how he answered some questions about the FTX failure? Let us know what you think about this in the comments section below.

Jamie Redman

Jamie Redman is the news lead at and a financial tech journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 6,000 articles for News about disruptive protocols emerging today.

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